I am of the opinion that you should participate in as many tournaments as you can, regardless of your current rating, as you will gain valuable experience.
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I've participated in two different tournaments at my school. I am currently 778 as of now.
I got 2/4 in the first one (was 690 elo back then), then got knocked out of the qualifiers in the second one (750) because I ran out of time against a 1100-rated player.
By how much should I increase my Elo before going to a tournament? Or does Elo not specifically matter for participating in them to achieve a decent position?